REV isn't just "not the only thing that matters". In reality, it barely matters at all. There are many examples of REV not predicting valuation, including Tron, BTC, and Sol in 2021. For the past, present, and foreseeable future, REV is a trash-grade metric in network valuations.
This chart really captures the evolution of crypto over time:
- rise of Ethereum / ICO bubble of 2017
- growth of Tron post 2022
- rise of Solana 2024
- rise of Hyperliquid 2025
Necessary caveat: obviously, revenue/fees is not the only thing that matters; Bitcoin is doing fine.
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